Shares used for diluted
net income per share 54,128 55,659 52,932 55,509
(1) Adjustment due to a change in circumstances that causes a change in
judgment about the realizability of the related deferred tax asset in
future years.
Balance Sheet Data
In Thousands (unaudited)
December 31, December 31,
2006 2007
Cash and cash equivalents $5,275 $5,524
Total current assets 30,652 35,127
Total assets 38,495 75,591
Line of credit 8,022 12,614
Current portion of long-term debt
and capital leases 1,275 776
Total current liabilities 21,980 25,195
Long-term debt and capital leases 1,927 1,151
Stockholders' equity 6,748 42,883
Pro Forma Financial Information Statement of Utility
The following pro forma financial information is presented assuming
Heska had reduced its valuation allowance related to its domestic net
operating loss on December 31, 2006 rather than December 31, 2007. In this
circumstance, there would have been no Valuation Allowance Adjustment in
2007 and the Company would have recognized Net Operating Loss Usage as
Income Tax Expense, as outlined below. The Company believes the pro forma
information may be valuable to investors as an additional tool to benchmark
future periods versus historical results on a consistently reported basis.
The Company does not suggest that investors should consid
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